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These documents are similar and are often used interchangeably. While they vary a bit from each other, they are used for the same purpose which is to show intent and an agreement to agree. Most are considered "nonbinding" unless the wording is included to make it binding.

As with any professional correspondence, you don't want to seem too stiff or formal, like you're writing a letter from a Victorian template or a bad spam email asking someone to send money to a deposed prince overseas—but you also don't want to be too conversational. You're not in a dialogue yet, so it's important to treat this like a professional first interaction, and not like you're skipping several steps and asking to meet for coffee. The tone you're reaching for is, "You don't know me yet, but I'm interested in your company and want to tell you more about why."

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